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Exam 21: Working Within the Legal Environment

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Question 81

True/False

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Producers of government-approved drugs and chemicals cannot be sued by individuals who develop side effects years later.

A) True
B) False

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Question 82

Multiple Choice

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________ instruments are forms of commercial paper that are transferable among businesses and individuals that represent a promise to pay a specified amount.

A) Uniform
B) Contract
C) Express
D) Negotiable

E) All of the above
F) B) and C)

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Question 83

True/False

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Toyota and General Motors have both been involved in major product liability cases.

The Federal Trade Commission Act of 1914 prohibits minors from entering into contracts.

The rule of strict product liability holds a firm liable for a defective product only if the firm knowingly placed a hazardous product on the market.

Alvin advertises on Craig's List to sell his used lawnmower for $60. Roy tested the lawnmower and then offered Alvin $50 for it. In this case

Some economists advocate a ________ on the consumption of such products as gasoline, liquor, cigarettes, and even soda, in the hope that consumers will think about how their purchases are having negative impacts on themselves and their environment.

A bankruptcy allows creditors to get at least part of their money when there are assets available to divide among the creditors.

Unlike a patent, trademarks are not protected from infringement.

Nolan and Sadie own a very successful Cajun restaurant. They recently built their own building and own all of the decorations in the restaurant, along with the equipment needed to run the business. They will pay real property taxes on the building and land and personal property taxes on the decorations and equipment.

Common law is the body of law established through legislative action by Congress.

Paul is a renowned nature photographer. Each of his works is copyrighted. This means that anyone can use his photos so long as they give Paul notice.

The City of Lawtown filed suit against certain gun manufacturers for financial payments to cover the costs of police work and medical care as a result of gun violence. This suit was based on the legal principle of

While the government regulates business activities, businesses would prefer to set their own standards of behavior. Which of the following is the most likely reason the government has intervened?

Which of the following would cause a contract to be void?

Companies that produced asbestos decades ago are still subject to the strict product liability provisions of federal tort law.

The Griggs v. Duke Power Company (1971) case established a precedent on the need to use job-related tests in employment practices. Similar court cases have been decided based on this decision. This is an example of

What type of law is tort law? Explain what a tort is as well as the meaning of negligence.

Which of the following is true of a copyright?

Lawsuits against the tobacco industry are examples of tort law.